Key takeaways
- Start with the use case – Not every problem needs AI, so focus on the areas where it can genuinely improve efficiency and outcomes.
- Keep humans in the loop – Responsibility for advice, accuracy and client communications remains with the adviser.
- Put governance first – Clear policies, staff training and approved tools are essential for protecting client data and maintaining trust.
Advisers, accountants and SMSF professionals are increasingly using AI tools to draft emails, summarise documents, analyse data and improve productivity.
Yet as adoption accelerates, so do concerns around privacy, accuracy, accountability and compliance.
At Class Ignite 2026, HUB24 Director of Strategic Development, Jason Entwistle, Newhaven Accounting, Manager of Accounting Jayson Nooy and HUB24’s Head of Innovation, Dr Evan Morrison, explored what “safe AI” actually means for professional services firms.
Their message was clear – financial professionals should embrace the productivity benefits of AI, but only with the right guardrails, governance and human oversight in place. They recommended that firms resist the urge to chase every new release and instead focus instead on practical, responsible adoption.
Entwistle described the current generation of AI models as being similar to adolescents – knowledgeable, capable and increasingly useful, but still prone to mistakes and requiring supervision.
“It’s still really early and I wouldn’t go too hard on the FOMO.”
Start with the problem, not the technology
One of the biggest mistakes firms can make is adopting AI simply because it is available. According to Entwistle, firms should first identify the problem they are trying to solve before deciding whether AI is the right tool.
“The number one thing would be to absolutely understand the problem you’re trying to solve and know you’re using this technology only if it is the right thing for that problem.”
While AI can be highly effective for personal productivity tasks such as drafting emails, summarising meetings and preparing presentations, it is often not appropriate for every business process.
The sensitivity of client information and compliance with regulatory obligations are important considerations when using AI. Understanding where data is stored, how it is processed and whether it may be transferred offshore should be a critical part of any AI adoption strategy.
The panel suggested firms think carefully about which AI tools they allow employees to use, what data can be entered into those systems and what review processes must be followed before information is shared with clients.
Human accountability doesn’t disappear
Although AI can help financial professionals work more efficiently, responsibility for the output still sits with the professional using the tool. Entwistle pointed to recent examples where AI-generated content created significant problems because it had not been properly reviewed.
“Just because we’re using these tools, we don’t get to blame them.”
Similarly, Nooy stressed that firms should not allow AI to make decisions that require professional judgement.
“You wouldn’t trust AI to make a decision that you wouldn’t let a graduate make.” His point was that AI can support professional work, but responsibility for judgement and advice remains with experienced practitioners
For financial professionals, this means maintaining a ‘human in the loop’ approach. AI may assist with drafting, analysis or administration, but recommendations, client communications and compliance decisions should continue to be reviewed by experienced professionals.
The real productivity opportunity
As Dr Morrison explained, the value of AI is increasingly being found in structured, repeatable activities where large amounts of information need to be processed efficiently.
Nooy shared examples of how his business is using AI, including email triage, data reviews and system migration projects. In the latter, instead of manually reviewing hundreds of files, AI compared data across systems, identified discrepancies and significantly reduced the amount of manual checking required.
The same principle is being applied across many practices, enabling financial professionals to spend less time on repetitive tasks and more time focused on client outcomes. For example, AI can help:
- Prioritise emails and identify urgent client matters
- Summarise large volumes of information
- Analyse recurring operational issues
- Review documentation for completeness
- Support administrative workflows
Why financial professionals should be cautious about AI hallucinations
One of the most significant risks is for AI systems to generate incorrect information known as hallucinations while presenting it confidently. Dr Morrison warned that obtaining a confident answer is very different from obtaining a correct answer.
“AI is really good at getting you a really confident answer at a high level. But going down to the depth of trying to make it come back with a confident, correct answer is really hard.”
The challenge becomes even greater when dealing with technical topics such as tax legislation, superannuation law or complex regulatory requirements.
For advice and accounting firms, this reinforces the importance of reviewing AI outputs, checking source information and validating conclusions before incorporating them into client communications or strategic recommendations.
Data security starts with good governance
The panel discussed the risk of staff inadvertently entering sensitive client information into consumer-grade AI tools without understanding where that information may be stored or processed.
This challenge is likely to become more pronounced as younger employees entering the workforce have grown up using AI tools in educational settings and may not automatically distinguish between personal and professional use.
The solution is not necessarily to ban AI. Instead, firms should establish clear policies covering approved AI tools, data handling requirements, privacy obligations, staff training and review and sign-off processes.
As Nooy said, firms need to define what employees can and cannot do before widespread adoption begins. Strong governance helps firms capture the benefits of AI while maintaining the trust clients place in their advisers.
About HUB24
HUB24 Limited is listed on the Australian Securities Exchange, and includes the award-winning HUB24 Platform, Class, NowInfinity and myprosperity.
The HUB24 Platform offers advisers and their clients a comprehensive range of investment options, including market-leading managed portfolio solutions, and enhanced transaction and reporting functionality. As one of the fastest growing platforms in the market, the platform is recognised for providing choice and innovative product solutions that create value for advisers and their clients.
Class is a pioneer in cloud-based wealth accounting software and is recognised as one of Australia’s most innovative technology companies. Class delivers SMSF administration, trust accounting, portfolio management, legal documentation and corporate compliance solutions to financial professionals across Australia who depend on Class to drive business automation, increase profitability and deliver better client service.
myprosperity is a leading provider of client portals for accountants and financial advisers, enabling streamlined service delivery, increased productivity and enhanced customer experience for finance professionals and their clients.
For further information about HUB24, please visit www.HUB24.com.au
For further information about Class, please visit www.class.com.au
Disclaimer
The information contained in this document is provided by Class Pty Limited (ABN 70 116 802 058) and its subsidiaries (collectively, Class) and is current as at 15 September 2026. It is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. This information is general in nature and may omit detail that could be significant to your particular circumstances. This information is provided in good faith and derived from sources believed to be accurate and current at the date of publication. The information given in this document is in summary form and does not purport to be complete. While reasonable care has been taken to ensure the information is correct at the time of publishing, superannuation and tax legislation and circumstances can change from time to time. Accordingly, neither Class nor any of its related bodies corporate make any representations or warranties as to the completeness or accuracy of the information in this document and none of these entities is liable for any loss arising from reliance on this information, including reliance on information that is no longer current. We recommend that you seek appropriate professional advice before making any financial decisions. Links to third-party websites are inserted for your convenience, but do not constitute endorsement of material on those sites or the relevant providers.